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    Enclosed Regional Mall For Lease Title is generated by Realmo AI

    388 Frederick St, Mount Airy, NC 27030

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    Only enclosed regional mall within 40 miles for lease.

    Type:Retail
    Property size:
    207,542 SF
    Added:
    Sep 16, 2022
    Days on Market:
    1355
    Last Refresh:
    May 12 at 9:49 pm

    Property Features for 388 Frederick St

    General Information

    Standard status
    Active
    Size
    207,542 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1968

    Spaces For Lease

    at 388 Frederick St Contact us

    We can help!

    Listing Contact
    Mary Dufour

    Listing agent Mary Dufour License #SC 8788

    Listing office WRS Inc Real Estate Investments

    Listing date Sep 16, 2022

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of WRS Inc Real Estate Investments

    HighLights

    • Only enclosed regional mall within a 40‑mile radius.
    • Expansive trade area drawing customers from a five‑county region with over 226,624 residents.
    • Located on Andy Griffith Highway (US 54).
    • Recent redevelopment completed in Summer 2021.
    • Located 4.5 miles from I‑74 and one mile from downtown Mount Airy.
    • Anchored by surrounding retailers including Lowe's, Big Lots, Food Lion, Staples, Walgreens, and Walmart.

    Overview

    Mayberry Mall, totaling 207,542 square feet, is the only enclosed regional mall within a 40-mile radius. The mall benefits from a limited competitive retail environment and draws its customer base from a five-county region extending into southern Virginia, with a population of over 226,624 residents. The mall is located on Andy Griffith Highway (US 54), the area's most heavily traveled thoroughfare, 4.5 miles from 1-74 and approximately one mile from Mount Airy's downtown district. The surrounding area includes tenants such as Lowe's, Big Lots, Food Lion, Lowe's Foods, Staples, Walgreens, and Walmart. Originally completed in 1968, the mall redevelopment was completed in the Summer of 2021. Mount Airy is located in Surry County in the Appalachian foothills, at the crossroads of 1-74 and US Highway 54, 40 miles north of Winston-Salem, 65 miles northwest of Greensboro, and less than 5 miles south of the Virginia-North Carolina state border. WRS Inc. has completed the redevelopment of Mayberry Mall with uses and new retailers that will benefit the community and existing businesses.
    Location Intelligence

    Current Use by Public Records

    Mayberry Mall Shopping Center & Mall Bark Mobile Mayberry ... Mobile Phone Store Amazon Locker Iside Courier Service Amazon Hub Locker ... Courier Service

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • New Market Crossing — W Independence Blvd, Mt Airy, NC 27030
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    • Plaza — 336 N South St, Mt Airy, NC 27030
    • Cupcakes, Gifts & More — 449 N Andy Griffith Pkwy #700, Mt Airy, NC 27030
    • GeekwayEnt — 1110 W Pine St, Mt Airy, NC 27030

    Location Insight

    • Map
    • Local Demand
    City
    Mount Airy
    County
    Surry
    State
    North Carolina
    Longitude
    -80.62349
    Latitude
    36.506284

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    FAQs

    What type of property is this?
    Shopping center - Only enclosed regional mall within 40 miles for lease.
    Where is this shopping center located?
    The property is located at 388 Frederick St Mount Airy, NC.
    What are key features of this property?
    This property features: Only enclosed regional mall within a 40‑mile radius.; Expansive trade area drawing customers from a five‑county region with over 226,624 residents.; Located on Andy Griffith Highway (US 54).
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Mary Dufour
    Real Estate License ID: SC 8788
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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